We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Is it not time for LLoyds and BOS to return there Club and Vantage accounts to there original Terms

Options
35har1old
35har1old Posts: 1,893 Forumite
1,000 Posts Second Anniversary Name Dropper
edited 7 February 2023 at 1:29AM in Budgeting & bank accounts

Lloyds launches current account paying up to 4% interest - but you'll need a bumper bank balance

CLUB LLOYDS LAUNCHED 31st MARCH 2014 perhaps before that it was advantage?

BANK OF ENGLAND BASE RATE APRIL 2014 0,5%                   NOW 4%

Lloyds is the latest bank to tempt desperate savers with an interest-paying current account - offering up to 4 per cent for balances between £4,000 and £5,000.

Available from Monday, the account pays higher rates of interest the greater your balance and customers also gain access to a 4 per cent regular saver account and discounts on mortgages rates - as well as free cinema tickets.

But the account requires a £1,500 minimum monthly deposit and there are hefty charges for straying into the red, while those with less than £2,000 in their account will only get 1 per cent interest.

Rate-chasing savers could use this account to boost income

The Club Lloyds account is open to both new and existing customers and pays 1 per cent on in-credit balances of between £1 and £1,999, 2 per cent up to £3,999 and 4 per cent up to £5,000 for an unlimited period.

Lloyds says a saver with £5,000 in the account could get a maximum of £196 in interest per year, which actually works out as 3.93 per cent return as interest is calculated monthly.


The main reason given for change was the low Bank of England Rate 




«1

Comments

  • Zanderman
    Zanderman Posts: 4,864 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 6 February 2023 at 12:45PM
    Just quoting some historic letters/emails and news items doesn't make a case for a return to the best conditions for savers.

    Lloyds/BoS can set whatever interest rate they like, they've no obligation to change things to exactly how they were once. All banking products change.

    And why ask here?  Asking Lloyds and BoS would be a better option.
  • Only challenger bank Virgin Money offer some okaish interest on their free current account. 
    They seem (Lloyds & Halifax) more active in the switching incentive arena at the moment.
  • ForumUser7
    ForumUser7 Posts: 2,433 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    Only challenger bank Virgin Money offer some okaish interest on their free current account. 
    They seem (Lloyds & Halifax) more active in the switching incentive arena at the moment.
    Kroo? They pay more than VM rn
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • There are lots of things Lloyds should bring back!

    https://m.youtube.com/watch?v=JR4-1kYCyHI
  • Where club accounts and to where original terms?
  • Ballard
    Ballard Posts: 2,977 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
  • Middle_of_the_Road
    Middle_of_the_Road Posts: 1,126 Forumite
    1,000 Posts Second Anniversary Photogenic Name Dropper
    edited 6 February 2023 at 8:16PM
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
    All that promotion info was for a long gone (2014)offer. NOT current.
  • wmb194
    wmb194 Posts: 4,880 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
     No, once you reached the tier it applied to the entire balance. Anyway, it's all moot.
  • Zanderman
    Zanderman Posts: 4,864 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    edited 7 February 2023 at 9:32AM
    wmb194 said:
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
     No, once you reached the tier it applied to the entire balance. Anyway, it's all moot.
    No, it only applied to the amount between 4k and 5k.

    Edited to add: Apologies, wmb194 is correct - see later replies below
  • Ballard
    Ballard Posts: 2,977 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Ballard said:
    There’s every chance that I’m missing something but as far as I can make out, the interest is tiered so you’d only got the top rate on the £1,000 between £4,000 & £5,000 but the £196 is actually calculating at the top rate on the full amount for a year. 
    All that promotion info was for a long gone (2014)offer. NOT current.
    https://www.lloydsbank.com/current-accounts/rates.html

    The rates seem to be current. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.8K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.8K Work, Benefits & Business
  • 598.6K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 257K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.